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20130121
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raising the debt ceiling gives the government the ability to pay its existing bills. it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in a deal, it certainly went part way, but leaves a number of issues still on the table. would you care to raise that as an additional fiscal cliff that is facing us? would you think that it's not as concerning as it was when you raise that term initially? >> as i said the fiscal cliff, if it is allowed to take place, it probably would have traded a recession this year. a good bit of that has been a
and not do our job which is unforgivable as a way to make these policies. second, you have the debt ceiling. it is the wrong thing to hold the country hostage. it's also going to be a play we know there's could be a fight over the debt ceiling. in the past the debt ceiling reminded folks we were borrowing too much and we needed to make changes. it could be a useful reminder not if it goes as far as people really start to worry about in the u.s. government and economic damage which is what we saw last time. the third piece of the resolution the fact that government spending is going to expire and these three issues is another kind of fiscal cliff and the question is is it going to force action with the hardest pieces that are still remaining were the fact when it comes to the fiscal clef they still for all intensive purposes it's good we didn't go over the fiscal cliff, it's good we raise revenue, but we basically did what we always do in washington which is we punted all the hard choices and a sort of tried to declare a bipartisan victory. but it wasn't theirs of the question was what's goi
between now and the time we deal with the debt ceiling, that we may very well be able to meet the goal which we set out to do, which is to have roughly a $4 trillion cut over ten years, and in the long-term deficit and put us on that path. but i didn't come here to talk about any of those important subjects today because, as important as they all are, today we have a more urgent and immediate call, and that is how to deal with the epidemic of gun violence in america. you all know the statistics very well so i'm not going to repeat them. on that score, i might add, oui an incredible debt of gratitude to many of you at the head table as well as those of you in the room. i know we don't have absolutely unanimity in this ballroom, nor do we in anyway ballroom, but we all know, everyone acknowledges, we have to do something. we have to act. i hope we're all agreed that there's a need to respond to the carnage on our streets and in our schools. i hope we all agree that mass shootings like the ones we witnessed in newton 34 days ago, cannot continue to be tolerated. that tragedy in all my yea
know, i was thinking about it in a way that republicans threatening to use the debt ceiling relays everything and puts the perspective, i think, in the wrong place. i think it's a serious mistake for them to even think about that, and we were talking earlier about the articles this morning saying how dangerous it is to use the debt ceiling to essentially put the full faith and credit of this country in the real jeopardy so i am very concerned about the consequences from doing that or even threatening to do it immediately and, also, it really shifts the focus and instead of it being on the debt ceiling, including tax reform. >> host: okay. so tax reform doesn't happen in 2013. >> guest: it may not happen. >> host: may not happen. what's the impact of that? what's the implication? >> guest: i said all along it's important for us to look beyond the label tax reform. for example, we are urged early on tax reform to bring the rates down to 25% individual and corporate. without indicating how in the world you would do that, and some said, well, we can use the exemptions in the deductions
that is failing to agree on increasing the debt ceiling on time and prior to that preferably and reaching agreement on medium-term debt reduction. that i mentioned earlier. for the nonadvanced economies, and i'm putting together the emerging markets as well as the low income countries, clearly those countries are faring at a much better pace in terms of growth. but everywhere i've traveled in the last two months in africa, in latin america and in asia there's always been a concern about the unbalances and the lack of decisive action to address the advanced economies' crisis. so this spillover effect including in terms of confidence building are clear. and given those, this increasing interconnectedness -- particularly with certain markets -- reducing this uncertainty is going to be key to the health of the global economy and to a lot of those regions that are still very dynamic to continue to grow at a pace that is sustainable and necessary for the well being of their population. this is excessively too general because when you go down the list of the emerging market economies and the low
Search Results 0 to 4 of about 5